BV Financial, Inc. Announces Financial Results
BV Financial (NASDAQ:BVFL) reported Q2 2025 financial results with net income of $2.9 million ($0.29 per diluted share), down from $3.4 million ($0.32 per diluted share) in Q2 2024. Key highlights include:
The bank's total assets reached $908.3 million, with net loans increasing by $13.2 million to $742.4 million. Deposits grew by $7.4 million to $658.9 million. The company maintained strong asset quality with non-performing loans at $4.4 million and an allowance for credit losses ratio of 1.22%.
Notable developments include the complete repayment of $15.0 million FHLB borrowings, a stock repurchase of 277,000 shares at an average price of $15.29, and improved net interest margin of 4.36% compared to 4.33% year-over-year.
BV Financial (NASDAQ:BVFL) ha comunicato i risultati finanziari del secondo trimestre 2025 con un utile netto di 2,9 milioni di dollari (0,29 dollari per azione diluita), in calo rispetto ai 3,4 milioni di dollari (0,32 dollari per azione diluita) del secondo trimestre 2024. I punti salienti includono:
Il totale degli attivi della banca ha raggiunto 908,3 milioni di dollari, con prestiti netti aumentati di 13,2 milioni a 742,4 milioni di dollari. I depositi sono cresciuti di 7,4 milioni arrivando a 658,9 milioni di dollari. La società ha mantenuto una solida qualità degli attivi, con prestiti in sofferenza pari a 4,4 milioni e un rapporto di accantonamento per perdite su crediti dell'1,22%.
Tra le novità rilevanti si segnala il rimborso completo di 15,0 milioni di dollari di prestiti FHLB, il riacquisto di 277.000 azioni a un prezzo medio di 15,29 dollari e un miglioramento del margine di interesse netto, salito al 4,36% rispetto al 4,33% dell'anno precedente.
BV Financial (NASDAQ:BVFL) informó los resultados financieros del segundo trimestre de 2025 con un ingreso neto de 2,9 millones de dólares (0,29 dólares por acción diluida), disminuyendo desde 3,4 millones de dólares (0,32 dólares por acción diluida) en el segundo trimestre de 2024. Los aspectos destacados incluyen:
Los activos totales del banco alcanzaron 908,3 millones de dólares, con préstamos netos que aumentaron 13,2 millones hasta 742,4 millones de dólares. Los depósitos crecieron 7,4 millones hasta 658,9 millones de dólares. La empresa mantuvo una sólida calidad de activos con préstamos en mora de 4,4 millones y una provisión para pérdidas crediticias del 1,22%.
Entre los desarrollos notables se encuentra el pago completo de 15,0 millones de dólares en préstamos FHLB, la recompra de 277,000 acciones a un precio promedio de 15,29 dólares y una mejora en el margen neto de interés al 4,36% comparado con el 4,33% del año anterior.
BV Financial (NASDAQ:BVFL)은 2025년 2분기 재무실적을 발표하며 순이익 290만 달러(희석 주당 0.29달러)를 기록했으며, 이는 2024년 2분기의 340만 달러(희석 주당 0.32달러) 대비 감소한 수치입니다. 주요 내용은 다음과 같습니다:
은행의 총자산은 9억 830만 달러에 달했으며, 순대출금은 1,320만 달러 증가하여 7억 4,240만 달러를 기록했습니다. 예금은 740만 달러 증가하여 6억 5,890만 달러가 되었습니다. 회사는 부실대출 440만 달러와 신용손실충당금 비율 1.22%로 견고한 자산 건전성을 유지했습니다.
주요 발전 사항으로는 1,500만 달러 규모의 FHLB 차입금 완전 상환, 평균 가격 15.29달러에 277,000주 주식 재매입, 그리고 전년 동기 대비 4.33%에서 4.36%로 개선된 순이자마진이 포함됩니다.
BV Financial (NASDAQ:BVFL) a publié ses résultats financiers du deuxième trimestre 2025 avec un revenu net de 2,9 millions de dollars (0,29 dollar par action diluée), en baisse par rapport à 3,4 millions de dollars (0,32 dollar par action diluée) au deuxième trimestre 2024. Les points clés sont :
Les actifs totaux de la banque ont atteint 908,3 millions de dollars, avec des prêts nets en hausse de 13,2 millions pour atteindre 742,4 millions de dollars. Les dépôts ont augmenté de 7,4 millions pour atteindre 658,9 millions de dollars. La société a maintenu une bonne qualité d'actifs avec des prêts non performants à 4,4 millions et un ratio de provision pour pertes sur créances de 1,22 %.
Parmi les développements notables figurent le remboursement complet de 15,0 millions de dollars d'emprunts FHLB, un rachat de 277 000 actions au prix moyen de 15,29 dollars, ainsi qu'une amélioration de la marge nette d'intérêt à 4,36 % contre 4,33 % en glissement annuel.
BV Financial (NASDAQ:BVFL) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 2,9 Millionen US-Dollar (0,29 US-Dollar je verwässerter Aktie), was einem Rückgang gegenüber 3,4 Millionen US-Dollar (0,32 US-Dollar je verwässerter Aktie) im zweiten Quartal 2024 entspricht. Wichtige Highlights sind:
Die Gesamtaktiva der Bank erreichten 908,3 Millionen US-Dollar, wobei die Nettokredite um 13,2 Millionen auf 742,4 Millionen US-Dollar anstiegen. Die Einlagen wuchsen um 7,4 Millionen auf 658,9 Millionen US-Dollar. Das Unternehmen hielt eine starke Vermögensqualität mit notleidenden Krediten in Höhe von 4,4 Millionen und einer Kreditverlustvorsorgequote von 1,22% aufrecht.
Bemerkenswerte Entwicklungen umfassen die vollständige Rückzahlung von 15,0 Millionen US-Dollar FHLB-Darlehen, einen Aktienrückkauf von 277.000 Aktien zum Durchschnittspreis von 15,29 US-Dollar sowie eine verbesserte Nettozinsmarge von 4,36% gegenüber 4,33% im Vorjahresvergleich.
- Net loans increased $13.2 million (1.8%) to $742.4 million
- Deposits grew by $7.4 million (1.1%) to $658.9 million
- Net interest margin improved to 4.36% from 4.33% year-over-year
- Complete repayment of $15.0 million FHLB borrowings strengthening balance sheet
- Strong asset quality with 208.6% coverage ratio of non-performing loans
- Net income decreased to $2.9 million from $3.4 million year-over-year
- Non-accrual loans increased by $400,000 to $4.4 million
- Noninterest expenses increased by $900,000 to $5.8 million
- Return on average equity declined to 5.78% from 6.68% year-over-year
- Total assets decreased by $3.5 million (-0.4%) to $908.3 million
Insights
BV Financial reported lower Q2 earnings with mixed performance metrics; stock repurchases and deposit growth partially offset earnings decline.
BV Financial reported
Despite the earnings decline, there were several positive developments in the balance sheet. Net loans increased
The bank's net interest margin showed modest improvement, increasing to
However, asset quality metrics showed some deterioration, with non-performing loans increasing to
The primary driver of the earnings decline was a substantial increase in noninterest expenses, which rose to
The bank maintained an active capital management strategy, repurchasing 277,000 shares at an average price of
Return on average assets declined to
BALTIMORE, MD / ACCESS Newswire / July 17, 2025 / BV Financial, Inc. (NASDAQ:BVFL), the holding company for BayVanguard Bank (the "Bank"), today reported net income of
Adjusted net income, a non-GAAP financial metric, was
Financial Highlights
Return on average assets and return on average equity for the three months ended June 30, 2025 was
1.26% and5.78% , respectively.Net loans increased
$13.2 million or1.8% to$742.4 million compared to$729.2 million at December 31, 2024.Deposits increased
$7.4 million or1.1% from$651.5 million at December 31, 2024 to$658.9 million at June 30, 2025.All
$15.0 million in borrowings from the Federal Home Loan Bank of Atlanta "FHLB" were paid off in the quarter.Non-accrual loans increased
$400,000 t o$4.4 million at June 30, 2025 from$4.0 million at December 31, 2024.The Company recorded provisions for credit losses of
$178,000 for the three months ended June 30, 2025 and$475,000 for the six months ended June 30, 2025.During the quarter ended June 30, 2025, the Company repurchased 277,000 shares of its outstanding common stock at an average price of
$15.29 .
FINANCIAL CONDITION DISCUSSION
Total Assets. Total assets were
Cash and Cash Equivalents. Cash and cash equivalents decreased
Loans Receivable. Loans receivable increased
Securities. Securities available for sale decreased by
Total Liabilities. Total liabilities decreased
Deposits. Total deposits increased
Stockholders' Equity. Stockholders' equity increased
RESULTS OF OPERATION DISCUSSION
Net Income. Net income was
Net Interest Income. Net interest income was
Net interest income was
Noninterest Income. For the three months ended June 30, 2025, noninterest income totaled approximately
For the six months ended June 30, 2025 and June 30; 2024, noninterest income totaled
Noninterest Expense. For the three months ended June 30, 2025, noninterest expense totaled
For the six months ended June 30, 2025, noninterest expense totaled
Asset Quality. Non-performing assets at June 30, 2025 totaled
Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, the imposition of tariffs or other domestic or international governmental policies, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the FRB, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, real estate values and competition, changes in accounting principles, policies or guidelines, changes in legislation or regulation and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products and services, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, our ability to enter into new markets successfully and capitalize on growth opportunities and the failure to retain or attract employees.
BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with thirteen branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.
BV FINANCIAL, INC.
Consolidated Financial Ratios
At or For the Three Months | At or For the Six Months | |||||||||||||||
Ended June 30, | Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Performance Ratios(1): | ||||||||||||||||
Return on average assets | 1.26 | % | 1.52 | % | 1.09 | % | 1.34 | % | ||||||||
Return on average equity | 5.78 | % | 6.68 | % | 5.03 | % | 5.92 | % | ||||||||
Interest rate spread(2) | 3.60 | % | 3.61 | % | 3.48 | % | 3.10 | % | ||||||||
Net interest margin(3) | 4.36 | % | 4.33 | % | 4.24 | % | 4.12 | % | ||||||||
Non-interest expense to average assets | 2.54 | % | 2.19 | % | 2.62 | % | 2.21 | % | ||||||||
Efficiency ratio(4) | 58.30 | % | 51.53 | % | 62.66 | % | 54.42 | % | ||||||||
Average interest-earning assets to average interest-bearing liabilities | 151.25 | % | 154.65 | % | 149.86 | % | 154.62 | % | ||||||||
Average equity to average assets | 21.88 | % | 22.73 | % | 21.62 | % | 22.68 | % | ||||||||
Credit Quality Ratios: | ||||||||||||||||
Allowance for credit losses as a percentage of total loans | 1.22 | % | 1.22 | % | 1.22 | % | 1.22 | % | ||||||||
Allowance for credit losses as a percentage of non-performing loans | 208.61 | % | 103.88 | % | 208.61 | % | 103.88 | % | ||||||||
Net charge-offs (recoveries) to average outstanding loans during the year | 0.00 | % | -0.01 | % | -0.01 | % | -0.02 | % | ||||||||
Non-performing loans as a percentage of total loans | 0.58 | % | 1.17 | % | 0.58 | % | 1.17 | % | ||||||||
Non-performing loans as a percentage of total assets | 0.48 | % | 0.92 | % | 0.48 | % | 0.92 | % | ||||||||
Total non-performing assets as a percentage of total assets | 0.50 | % | 0.94 | % | 0.50 | % | 0.94 | % | ||||||||
Other: | ||||||||||||||||
Number of offices | 13 | 13 | 13 | 13 | ||||||||||||
Number of full-time equivalent employees | 109 | 116 | 109 | 116 | ||||||||||||
Weighted average shares outstanding | 9,858,540 | 10,652,315 | 9,878,319 | 11,391,350 | ||||||||||||
(1) Performance ratios are annualized.
(2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(3) Represents net interest income as a percentage of average interest-earning assets.
(4) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
BV FINANCIAL, INC.
Consolidated Balance Sheets
June 30, 2025 | December 31, 2024 | |||||||
(dollars in thousands, except share amounts) | (unaudited) | |||||||
Assets | ||||||||
Cash | $ | 4,987 | $ | 5,842 | ||||
Interest-bearing deposits in other banks | 51,336 | 64,658 | ||||||
Cash and cash equivalents | 56,323 | 70,500 | ||||||
Equity Investment | 406 | 391 | ||||||
Securities available for sale | 35,359 | 37,259 | ||||||
Securities held to maturity (fair value of | 5,832 | 5,979 | ||||||
Loans held for maturity | 751,573 | 737,760 | ||||||
Allowance for Credit Losses | (9,159 | ) | (8,522 | ) | ||||
Net Loans | 742,414 | 729,238 | ||||||
Foreclosed real estate | 157 | 159 | ||||||
Premises and equipment, net | 13,182 | 13,224 | ||||||
Federal Home Loan Bank of Atlanta stock, at cost | 656 | 1,366 | ||||||
Investment in life insurance | 20,259 | 20,058 | ||||||
Accrued interest receivable | 3,243 | 3,161 | ||||||
Goodwill | 14,420 | 14,420 | ||||||
Intangible assets, net | 741 | 831 | ||||||
Deferred tax assets, net | 9,309 | 8,899 | ||||||
Other assets | 6,026 | 6,336 | ||||||
Total assets | $ | 908,327 | $ | 911,821 | ||||
Liabilities and Stockholders' Equity | ||||||||
Liabilities | ||||||||
Noninterest-bearing deposits | $ | 134,520 | $ | 129,724 | ||||
Interest-bearing deposits | 524,371 | 521,767 | ||||||
Total deposits | 658,891 | 651,491 | ||||||
FHLB borrowings | - | 15,000 | ||||||
Subordinated debentures | 34,961 | 34,883 | ||||||
Other liabilities | 16,484 | 14,948 | ||||||
Total liabilities | 710,336 | 716,322 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | - | - | ||||||
Common stock, | 103 | 106 | ||||||
Paid-in capital | 91,854 | 94,679 | ||||||
Unearned common stock held by employee stock ownership plan | (7,069 | ) | (7,160 | ) | ||||
Retained earnings | 114,455 | 109,495 | ||||||
Accumulated other comprehensive loss | (1,352 | ) | (1,621 | ) | ||||
Total stockholders' equity | 197,991 | 195,499 | ||||||
Total liabilities and stockholders' equity | $ | 908,327 | $ | 911,821 | ||||
Consolidated Statements of Income
(dollars in thousands, except per share amounts) | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Interest Income | 2025 | 2024 | 2025 | 2024 | ||||||||||||
Loans, including fees | $ | 11,334 | $ | 10,177 | $ | 22,075 | $ | 19,959 | ||||||||
Investment securities available for sale | 324 | 306 | 674 | 612 | ||||||||||||
Investment securities held to maturity | 46 | 91 | 93 | 183 | ||||||||||||
Other interest income | 562 | 1,043 | 1,305 | 1,867 | ||||||||||||
Total interest income | 12,266 | 11,617 | 24,147 | 22,621 | ||||||||||||
Interest Expense | ||||||||||||||||
Interest on deposits | 2,622 | 2,242 | 5,223 | 4,228 | ||||||||||||
Interest on FHLB borrowings | 23 | - | - | - | ||||||||||||
Interest on Subordinated debentures | 465 | 466 | 1,125 | 1,521 | ||||||||||||
Total interest expense | 3,110 | 2,708 | 6,348 | 5,749 | ||||||||||||
Net interest income | 9,156 | 8,909 | 17,799 | 16,872 | ||||||||||||
Provision for (recovery of) credit losses | 178 | (111 | ) | 475 | (92 | ) | ||||||||||
Net interest income after provision for (recovery of) credit losses | 8,978 | 9,020 | 17,324 | 16,964 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service fees on deposits | 112 | 97 | 216 | 200 | ||||||||||||
Fees from debit cards | 177 | 182 | 341 | 354 | ||||||||||||
Income from investment in life insurance | 114 | 112 | 201 | 199 | ||||||||||||
Other income | 311 | 205 | 485 | 421 | ||||||||||||
Total noninterest income | 714 | 596 | 1,243 | 1,174 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and related benefits | 4,018 | 3,091 | 8,542 | 6,220 | ||||||||||||
Occupancy | 379 | 409 | 823 | 847 | ||||||||||||
Data processing | 395 | 374 | 792 | 751 | ||||||||||||
Advertising | 3 | 6 | 9 | 11 | ||||||||||||
Professional fees | 249 | 244 | 479 | 356 | ||||||||||||
Equipment | 94 | 103 | 185 | 205 | ||||||||||||
Foreclosed real estate and repossessed assets holding costs | 0 | 11 | 2 | 16 | ||||||||||||
Amortization of intangible assets | 45 | 45 | 90 | 90 | ||||||||||||
FDIC insurance premiums | 84 | 81 | 165 | 164 | ||||||||||||
Other expense | 488 | 533 | 845 | 1,160 | ||||||||||||
Total noninterest expense | 5,755 | 4,897 | 11,932 | 9,820 | ||||||||||||
Net income before tax | 3,937 | 4,719 | 6,635 | 8,318 | ||||||||||||
Income tax expense | 1,076 | 1,320 | 1,675 | 2,345 | ||||||||||||
Net income | $ | 2,861 | $ | 3,399 | $ | 4,960 | $ | 5,973 | ||||||||
Basic earnings per share | $ | 0.29 | $ | 0.32 | $ | 0.50 | $ | 0.52 | ||||||||
Diluted earnings per share | $ | 0.29 | $ | 0.32 | $ | 0.50 | $ | 0.52 | ||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Quarters ended June 30,
'(Dollars in thousands)
For the Three Months Ended June 30, | ||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 752,181 | $ | 11,334 | 6.04 | % | $ | 705,516 | $ | 10,177 | 5.79 | % | ||||||||||||
Securities available-for-sale | 34,770 | 324 | 3.74 | % | 33,445 | 306 | 3.67 | % | ||||||||||||||||
Securities held-to-maturity | 6,624 | 46 | 2.79 | % | 10,777 | 91 | 3.39 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 49,450 | 562 | 4.60 | % | 75,031 | 1,043 | 5.59 | % | ||||||||||||||||
Total interest-earning assets | 843,025 | 12,266 | 5.84 | % | 824,769 | 11,617 | 5.65 | % | ||||||||||||||||
Noninterest-earning assets | 64,324 | 67,088 | ||||||||||||||||||||||
Total assets | $ | 907,349 | $ | 891,857 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 76,698 | 159 | 0.83 | % | $ | 86,892 | 237 | 1.09 | % | ||||||||||||||
Savings deposits | 120,584 | 106 | 0.35 | % | 139,980 | 96 | 0.28 | % | ||||||||||||||||
Money market deposits | 125,686 | 766 | 2.44 | % | 93,787 | 475 | 2.03 | % | ||||||||||||||||
Certificates of deposit | 197,488 | 1,591 | 3.23 | % | 177,859 | 1,434 | 3.23 | % | ||||||||||||||||
Total interest-bearing deposits | 520,456 | 2,622 | 2.02 | % | 498,518 | 2,242 | 1.80 | % | ||||||||||||||||
Federal Home Loan Bank advances | 1,978 | 23 | 4.66 | % | - | - | - | |||||||||||||||||
Subordinated debentures | 34,945 | 465 | 5.34 | % | 34,789 | 466 | 5.36 | % | ||||||||||||||||
Total borrowings | 36,923 | 488 | 5.30 | % | 34,789 | 466 | 5.37 | % | ||||||||||||||||
Total interest-bearing liabilities | 557,379 | 3,110 | 2.24 | % | 533,307 | 2,708 | 2.04 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 134,841 | 139,070 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 16,930 | 16,627 | ||||||||||||||||||||||
Total liabilities | 709,150 | 689,004 | ||||||||||||||||||||||
Equity | 198,199 | 202,853 | ||||||||||||||||||||||
Total liabilities and equity | $ | 907,349 | $ | 891,857 | ||||||||||||||||||||
Net interest income | $ | 9,156 | $ | 8,909 | ||||||||||||||||||||
Net interest rate spread | 3.60 | % | 3.61 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 285,646 | $ | 291,462 | ||||||||||||||||||||
Net interest margin | 4.36 | % | 4.33 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 151.25 | % | 154.65 | % | ||||||||||||||||||||
BV FINANCIAL, INC.
Average Balance Sheet for the Six Months ended June 30,
'(Dollars in thousands)
For the Six Months Ended June 30, | ||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||
(dollars in thousands) | Average Outstanding Balance | Interest | Average Yield/Rate | Average Outstanding Balance | Interest | Average Yield/Rate | ||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||
Loans | $ | 745,958 | $ | 22,075 | 5.97 | % | $ | 706,942 | $ | 19,959 | 5.54 | % | ||||||||||||
Securities available-for-sale | 35,821 | 674 | 3.79 | % | 33,745 | 612 | 3.61 | % | ||||||||||||||||
Securities held-to-maturity | 6,971 | 93 | 2.69 | % | 10,796 | 183 | 3.41 | % | ||||||||||||||||
Cash, cash equivalents and other interest-earning assets | 58,091 | 1,305 | 4.55 | % | 68,856 | 1,867 | 5.28 | % | ||||||||||||||||
Total interest-earning assets | 846,841 | 24,147 | 5.75 | % | 820,339 | 22,621 | 5.41 | % | ||||||||||||||||
Noninterest-earning assets | 64,667 | 67,273 | ||||||||||||||||||||||
Total assets | $ | 911,508 | $ | 887,612 | ||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 78,414 | 330 | 0.85 | % | $ | 85,721 | 473 | 1.12 | % | ||||||||||||||
Savings deposits | 121,516 | 206 | 0.34 | % | 143,304 | 161 | 0.18 | % | ||||||||||||||||
Money market deposits | 125,326 | 1,530 | 2.46 | % | 90,762 | 827 | 1.61 | % | ||||||||||||||||
Certificates of deposit | 196,439 | 3,157 | 3.24 | % | 175,477 | 2,767 | 3.09 | % | ||||||||||||||||
Total interest-bearing deposits | 521,695 | 5,223 | 2.02 | % | 495,264 | 4,228 | 1.62 | % | ||||||||||||||||
Federal Home Loan Bank advances | 8,453 | 194 | 4.63 | % | - | - | - | |||||||||||||||||
Subordinated debentures | 34,925 | 931 | 5.38 | % | 35,297 | 1,521 | 8.64 | % | ||||||||||||||||
Total borrowings | 43,378 | 1,125 | 5.23 | % | 35,297 | 1,521 | 8.64 | % | ||||||||||||||||
Total interest-bearing liabilities | 565,073 | 6,348 | 2.27 | % | 530,561 | 5,749 | 2.31 | % | ||||||||||||||||
Noninterest-bearing demand deposits | 133,419 | 139,381 | ||||||||||||||||||||||
Other noninterest-bearing liabilities | 15,939 | 16,384 | ||||||||||||||||||||||
Total liabilities | 714,433 | 686,326 | ||||||||||||||||||||||
Equity | 197,075 | 201,286 | ||||||||||||||||||||||
Total liabilities and equity | $ | 911,508 | $ | 887,612 | ||||||||||||||||||||
Net interest income | $ | 17,799 | $ | 16,872 | ||||||||||||||||||||
Net interest rate spread | 3.48 | % | 3.10 | % | ||||||||||||||||||||
Net interest-earning assets | $ | 281,768 | $ | 289,778 | ||||||||||||||||||||
Net interest margin | 4.24 | % | 4.12 | % | ||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 149.86 | % | 154.62 | % | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSS - LOANS
'(Dollars in thousands)
QTR | YTD | |||||||
6/30/2025 | 6/30/2025 | |||||||
Beginning Balance | $ | 8,888 | $ | 8,522 | ||||
Provision for credit loss -loans | 242 | 593 | ||||||
Net Charge-offs (recoveries): | ||||||||
Owner Occupied 1-4 | (13 | ) | (16 | ) | ||||
Non-Owner Occupied 1-4 | (14 | ) | (30 | ) | ||||
Investor Commercial Real Estate | - | - | ||||||
OO Commercial Real Estate | - | - | ||||||
Construction & Land | (1 | ) | (2 | ) | ||||
Farm Loans | - | - | ||||||
Marine & Consumer | (1 | ) | 4 | |||||
Guaranteed by the US Gov't | - | - | ||||||
Commercial | - | - | ||||||
Net charge-offs (recoveries) | (29 | ) | (44 | ) | ||||
Ending Balance- ACL for Loans | $ | 9,159 | $ | 9,159 | ||||
Balance Reserve for unfunded loan commitments | 237 | 237 | ||||||
Balance Reserve for HTM Securities | 3 | 3 | ||||||
Total ACL | $ | 9,399 | $ | 9,399 | ||||
Provision expense for Unfunded Commitments | (63 | ) | (117 | ) | ||||
Provision expense for HTM Securities | (1 | ) | (1 | ) | ||||
Total other provision expense | $ | (64 | ) | $ | (118 | ) | ||
Total provision for (recovery of ) credit losses | $ | 178 | $ | 475 | ||||
RECONCILIATION TABLE (UNAUDITED)
NON-GAAP ADJUSTED NET INCOME
Non-GAAP Reconciliation
In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
Three Months ended June 30, | ||||||||
2025 | 2024 | |||||||
Net Income (GAAP) | $ | 2,861 | $ | 3,399 | ||||
Plus(minus) tax adjusted items: | ||||||||
2024 Equity Plan Expenses - tax adjusted | 839 | - | ||||||
Non GAAP adjusted net income | $ | 3,700 | $ | 3,399 | ||||
Six Months ended June 30, | ||||||||
2025 | 2024 | |||||||
Net Income (GAAP) | $ | 4,960 | $ | 5,973 | ||||
Plus(minus) tax adjusted items: | ||||||||
2024 Equity Plan Expenses - tax adjusted | 1,728 | - | ||||||
Non GAAP adjusted net income | $ | 6,688 | $ | 5,973 | ||||
Contact:
Michael J. Dee
Chief Financial Officer
(410) 477- 5000
SOURCE: BV Financial, Inc.
View the original press release on ACCESS Newswire
FAQ
What was BVFL's net income for Q2 2025?
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